Quote:
Originally Posted by Crawford
This is true. The establishment of GCT, Penn, and the PABT helped build Midtown, and led to Midtown eclipsing Lower Manhattan following WWII, especially as the population spread out into the commuter belt.
And, more recently, the rise of Brooklyn and its appeal to the tech and creative sectors have led to lower vacancy rates in Midtown South than in Midtown.
In both instances, the office space valuation is predicated on its convenience to the targeted workers.
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Yeah, this is my view as well. The area around City Hall developed because it was at the foot of the Brooklyn Bridge. It was the most heavily-trafficked part of the island for several decades, until the population began to disperse and the suburban links of Penn and GCT became important. Obviously the subway system was also built around the idea of twin hubs, with the highest degree of interconnectivity occurring in Downtown and Midtown but not in the area between Canal and 34th.
Your comment about Midtown South is interesting. Amazing how firms will relocate to save their employees from having to travel three extra stops on the subway.